Gold gained around 2%, while silver jumped nearly 5%, both snapping extended losing streaks as new Fed Chair Kevin Warsh’s dovish comments reinforced the shift, cutting September rate-hike odds roughly in half.

old extended its four-week losing streak, down nearly 30% from its January 2026 all-time high of $5,595, pressured by hawkish Fed Chair Warsh, PCE inflation at 4.1%, and three anticipated rate hikes. US-Iran tensions briefly lifted safe-haven demand. Silver fell nearly 10% to $55.7. Key gold support sits at $3,950–$4,000

Gold and Silver have been caught between two important events. Firstly, Kevin Warsh’s Fed debut delivered a hawkish shock. And secondly, a US–Iran ceasefire briefly eased gold’s war premium before Geneva talks collapsed and Iran reclosed the Strait of Hormuz.

Gold and Silver prices recovered at the start of this week after US and Iranian officials announced they had reached an initial agreement to end their conflict. The accord immediately eased pressure on oil prices and dialed back concerns over persistent inflation and further rate increases.

Precious metals posted one of their sharpest weekly corrections in recent months, driven primarily by a stronger-than-expected US employment report that reset rate expectations and drove the dollar sharply higher towards the 100 mark.

Gold and silver closed the week trading weak with a negative bias. The dominant macro narrative centred on the evolving US–Iran conflict and firmer US inflation data, which together kept bullion on the defensive

Gold prices slipped below $4,700 and silver below $80, retracing a portion of last week’s gains after President Trump publicly rejected Iran’s diplomatic response as “TOTALLY UNACCEPTABLE,” keeping inflationary concerns elevated.

Gold and Silver faced a week defined by the hawkish Fed-oil-inflation feedback loop suppressing rate-cut expectations, partially offset by yen-driven dollar weakness. MCX prices held relatively firm versus COMEX due to rupee depreciation. Physical demand and central bank buying remain structurally supportive, but near-term direction hinges on Hormuz diplomacy, incoming US payrolls (May 8), and the trajectory of real yields under incoming Fed Chair Warsh.

The bullion market faces competing forces: US–Iran tensions at the Strait of Hormuz provide geopolitical support, while a stronger dollar, elevated Treasury yields, and prolonged Fed rate tightness suppress prices.

Gold and silver prices weakened at the start of the week as the U.S.-Iran ceasefire, which markets had welcomed, began to unravel. The extended conflict has disrupted energy supply significantly, increasing inflation risks and raising expectations of further central bank interest rate increases — both of which are negative factors for precious metals

Gold and silver are under pressure at the start of this week, reversing last week’s gains. The trigger is a sharp escalation in the US-Iran standoff — with Washington announcing plans to blockade the Strait of Hormuz following the collapse of weekend peace talks in Pakistan.

Precious metal prices have extended losses as President Donald Trump issued a fresh ultimatum to Iran and warned of strikes on its power plants and other civilian infrastructure if the Strait of Hormuz is not reopened.